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Prepared by and Scott
Writing under the nom de plume of J.L. LORD

Thursday | September 24, 2020

Hello Eizell.



Days First Debates = 5


YESTERDAY: September 23

SPX 3236.92 -78.65

Two days in a row of the Dow falling >500 points. Yesterday's fall was caused by many ingredients:

First – AAPL opened playing with the 50-day Moving Average. Waffling back and forth around this number, the stock eventually stayed on the south side of the technical number. Once it became clear that it was not going back to retest the 50-day, sellers came in to dump their shares. Once AAPL started to fall, the market followed.

Second – Michael Burry of THE BIG SHORT fame (CDO's in house crisis) came out targeting TSLA as being a short and over bought. This took the stock down 10.34% on the day. Since Zoom, AAPL, TSLA and Amazon were he leaders in the market's move higher, a drop in the stock is psychologically hurting the market.

Third – Economic numbers (to a lesser extent) were weaker than expected, more riots broke out, and other usual 2020 headaches about coronavirus. Yawn.


TODAY: September 24


Days First Debates = 5

TODAY Lower but not sure.

It is almost time for the debates and election. Thing are going to get goofier and goofier. It is going to become hard to predict market direction until the extreme highs and lows are hit. Until then, the media will be reporting/creating/embellishing/sensationalizing headiness for ratings – the bi-product will be surprise moves.


Sept 29 – Presidential debate #1
October 15 – Presidential debate #2
October 22 – Presidential debate #3

I am still standing by my prediction (made December 31, 2019) that we will be positive for the year and making new all-time highs by the end of the year. I maintained this stance even when the SPX was down -36% for the year (this has been here since January 1).

S&P 500 Price Limits

From 8:30 a.m. to 2:25 p.m. CST, there are successive price limits corresponding to 7%, 13%, and 20% declines below the previous trading day’s reference price.

From 2:25 p.m. until the 3:00 p.m. CST close of the cash equity market, only the 20% price limit will be applicable.

Average year with lots of intermittent volatility
(+0.19% so far)

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A separate update coming.



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